You hear the name Philadelphia and think of early American history. Ben Franklin, the Liberty Bell and the Constitution are all concepts directly related to the city, and yet it is one of the most thriving places in terms of economic expansion, education and growth. In fact, according to one set of statistics, Philly’s job growth is currently “enjoying the longest period of economic expansion in the last 50 years. In 2017, the city added 10,700 jobs.”
Though it might seem as if that growth would focus on limited segments of the overall market, it is in fact quite diverse. As that same set of data relates, the market includes business and financial services, information services, real estate, education, health services, education, hospitals and more. For instance, “15 colleges and universities and five hospitals, [account] for 20% of Center City employment. Entertainment, leisure, hospitality and retail provide 16% of downtown jobs…[and] Federal, state and
local government employment provides 12% of Center City jobs.”
This makes it a very wise market for investment in corporate housing. In fact, that is supported by the statistics relating to new homes in the city, with “the construction of 2,680 new apartments, single-family homes and condominiums” appearing in 2017 alone. Most point towards the downtown and Center City area as the best choice. Not only is there where so much of the city’s business and tourism activities occur, but also because it is home to much of the historical and cultural life of the city.